ICAI Membership Fees, Procedure and Payment
ICAI Membership Fees has been declared by ICAI on its official website. Learn about the ICAI membership fees, including categories, payment procedures, discounts, and contributions to benevolent funds.
Mridula Sharma22 May, 2024
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ICAI Membership Fees: The Institute of Chartered Accountants of India (ICAI) is the premier accounting body in India, responsible for setting standards, regulating the profession, and ensuring the integrity of Chartered Accountants. Membership in ICAI is a prestigious and essential aspect for practicing CAs, and it comes with certain financial obligations. This article aims to provide a detailed and easy-to-understand explanation of the ICAI membership fees for the year 2023-2024.
ICAI Membership Fees 2023-2024
The ICAI membership fees are structured based on various categories and criteria, including whether the member holds a Certificate of Practice (COP) and their age. The fees for the year 2023-2024 became due on April 1, 2023, and the deadline for payment is September 30, 2023. It is crucial for members to remit these fees promptly as the tax invoice, considering GST liability, has already been generated.ICAI Membership Fees
Check the ICAI Membership Fees for each category below:| ICAI Membership Fees | |||
| Srl. No | Categories | Associate | Fellow |
| 1 | Members Holding COP (Includes Membership fees and COP fees) | Rs. 5310 | Rs. 8260 |
| 2 | Members not Holding COP | ||
| 2(i) | Age below 60 years as on 01.04.2023 | Rs. 1770 | Rs. 3540 |
| 2(ii) | Age above 60 years as on 01.04.2023 | Rs. 1298 | Rs. 2714 |
| Note: The Fees above are inclusive of GST @ 18% | |||
ICAI Membership Fees Advance Payment Option
Members have the option to pay their total fees in advance for a period of 10 years (1+9 years), which includes GST. This option protects members from any future upward revisions in the fee structure. However, if an Associate Member (ACA) who has paid in advance opts for Fellow status (FCA) later, they will need to pay the difference in fees for the remaining period.Advantages of Paying ICAI Membership Fees in Advance
Members have the option to pay their membership/COP fees in advance for up to 10 years. This offers several advantages:- Protection Against Fee Revisions: Any future increase in fees will not affect those who have paid in advance.
- Financial Planning: Advance payment helps in better financial planning and management.
- Convenience: Reduces the hassle of annual payments.
Conditions for Advance Payment
- ACA to FCA Conversion: If an Associate Chartered Accountant (ACA) who has paid the advance fee opts for Fellow Chartered Accountant (FCA) status later, they must pay the difference in fees for the remaining period.
- Exact Amount: The advance payment should be made in the exact amount inclusive of GST.
ICAI Membership Fees Discounts and Additional Charges
I GO GREEN with ICAI Scheme
Members opting for the e-journal will receive a discount of Rs. 590 (including Rs. 90 GST) on their total membership fees.Air Mail Charges
For members residing abroad who prefer the physical journal, air mail charges of Rs. 2478 (inclusive of GST) apply. This charge is not applicable if the member opts for the e-journal.ICAI Membership Fees Contribution to Benevolent Funds
ICAI encourages its members to contribute to the Chartered Accountants Benevolent Fund (CABF), which supports members in need. Contributions are optional but highly appreciated. The contribution options are given in the table below.| ICAI Membership Fees Contribution to Benevolent Funds | |
| Chartered Accountants Benevolent Fund (Optional) | |
| Life Membership | Rs.10000/- (If not a Life Member) |
| Yearly Subscription | Rs. 1000/- |
| Voluntary Contribution | A respectable amount |
| S Vaidyanath Aiyar Memorial Fund (Optional) | |
| Life Membership | Rs.1000/- (If not a Life Member) |
| Yearly Subscription | Rs.50/- |
| Voluntary Contribution | A respectable amount |
ICAI Membership Fees Payment Procedure
Payment of the annual membership and COP fees is made through the ICAI's Self-Service Portal (SSP) at this link. Below is a step-by-step guide to the payment process.Individual Members
- Log in to SSP: Access the SSP portal using your login credentials.
- Select Payment Option: Click on "Pay Now/Give consent".
- Confirm Details: Verify your membership details and the applicable fee amount.
- Complete Payment: Choose the payment method and complete the transaction.
Firms Paying on Behalf of Partners
For firms paying the fees on behalf of their partners, the following procedure should be followed:- Partner's Consent: The partner must log in to their SSP account, select "Pay Now/Give consent", choose "Yes", select the firm, journal type, and submit consent.
- Firm's Action: The Head Incharge (HI) of the firm logs into their SSP account, clicks on "Firm Function", then "ICAI Bulk Renewal Form for HI", and selects the FRN (Firm Registration Number).
- Payment: The HI will see the details of the partners who have given their consent. The HI then proceeds to make the bulk payment.
Benefits of ICAI Membership
Being a member of ICAI comes with numerous benefits:- Professional Recognition: ICAI membership is a mark of professional excellence and integrity.
- Networking Opportunities: Members can connect with a vast network of professionals.
- Continuous Learning: Access to various seminars, workshops, and continuing education programs.
- Resource Access: Free or discounted access to ICAI publications and research materials.
- Career Support: Assistance in career advancement through various ICAI initiatives and job portals.
| Related Links | |
| CA Exam 2024 | CA Registration 2024 |
| CA Result 2024 | CA Syllabus 2024 |
| CA Exam Pattern 2024 | CA Notes |
| CA Course | CA Exams |
ICAI Membership Fees FAQs
What is the deadline for paying the ICAI membership fees for 2023-2024?
The deadline for paying the ICAI membership fees for 2023-2024 is September 30, 2023.
What discount is available for members opting for the e-journal under the I GO GREEN with ICAI scheme?
Members opting for the e-journal receive a discount of Rs. 590 (including Rs. 90 GST) on their total membership fees.
Can members pay their ICAI fees in advance?
Yes, members can pay their total fees in advance for up to 10 years (1+9 years), protecting against future fee increases.
What are the fees for members holding a Certificate of Practice (COP)?
The fees for members holding a COP are Rs. 5310 for Associate members and Rs. 8260 for Fellow members, inclusive of GST.
How can firms pay the ICAI membership fees on behalf of their partners?
Firms can pay on behalf of their partners by following the consent and payment procedures on the Self-Service Portal (SSP), including bulk payment options.
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